Reports say effective from January 1, 2016, banks are no longer expected to charge any Commission on Turnover (COT). This follows a Central Bank of Nigeria (CBN) directive aimed at phasing out the practice.
Prior to the current deadline for cancelling COT, Daily Trust said there had been a 2013 directive from the CBN that had significantly reduced COT charges. It added that some banks had continued charging customers COT despite sanctions from the apex bank.
Source:Leadership
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